November 29, 2023

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RAK Financial institution web revenue hits Dh901 million in H1 2023, up 71%

2 min read

“We proceed to make robust progress in implementing our new technique to construct a ‘digital financial institution with a human contact’. On the identical time we persistently pivot the tradition and mindset of our firm to being ‘buyer first’ in every thing we do,” mentioned Group CEO Raheel Ahmed.

“Our energetic buyer base grew 5 per cent YoY. In H1 we supported over 900 prospects with residence loans. Being the ‘go to’ SME financial institution of the UAE, we opened 7,800 accounts for budding entrepreneurs and small companies. We additionally disbursed over Dh1 billion of enterprise loans. Our wholesale banking enterprise is now effectively established with robust product capabilities and is rising in double digits.”

Curiosity earnings from standard loans and investments was up by 80.9 per cent in comparison with H1 2022, and curiosity prices on standard deposits and borrowings was up by 278 per cent. Web earnings from Sharia-compliant Islamic financing was up by 9.2 per cent.

Non-interest earnings was up by Dh133.6 million to Dh572.1 million primarily attributable to a rise of Dh96.1 million in foreign exchange and by-product earnings, funding earnings elevated by Dh31.7 million and web insurance coverage underwriting revenue elevated by Dh12 million. This was partly offset by Dh3.8 million lower in web payment and fee and Dh2.3 million lower in different working earnings.

Provision for credit score loss at Dh494 million as at H1 2023 elevated by 80 per cent in comparison with H1 2022 and 85.8 per cent in comparison with Q2 2022.

Buyer deposits elevated by 19.4 per cent as in opposition to first half of 2022 and 9.1 per cent or Dh4.1 billion to Dh49 billion in comparison with December 31, 2022 primarily attributable to a rise of Dh2.5 billion in time deposits and Dh1.6 billion in CASA accounts.

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